Gold prices fell in Saudi Arabia today, Saturday, due to a major collapse in the global price of the yellow metal.
The price of a gram of 24 carat gold in the Kingdom decreased to 215.45 riyals ($ 57.45), compared to 218.10 riyals ($ 58.16), yesterday.
The price of the best-selling 21 carat gold gram fell to 188.52 riyals ($ 50.27), compared to 190.84 riyals ($ 50.89), on Friday.
The price of a gram of 18 carat gold fell to 161.59 riyals ($ 43.09), compared to 163.58 riyals ($ 43.62), yesterday.
The price of a gram of 14 carat gold was 125.68 riyals (33.51 dollars) compared to 127.23 riyals (33.93 dollars), yesterday.
The price of an ounce and a pound of gold
The price of an ounce in the Kingdom fell to 6701.25 riyals (1787 dollars), compared to 6783.75 riyals (1809 dollars), on Friday.
The price of the pound of gold (8 grams of 21 carat) fell to 1508.16 riyals (402.17 dollars) compared to 1526.72 riyals (407.13 dollars), yesterday.
Global price collapse
Globally, gold prices tumbled on Friday, by 2%, approaching the lowest level in 5 months, depositing the “important level”.
Gold fell below the important technical level at $ 1,800 an ounce, which sparked a major selling wave.
“Once the prices fell below the important $ 1,800 level, that kindled a spark for selling,” said Craig Erlam, an analyst at Oanda.
And he continued, “It is likely that the price will test the level of $ 1750 in light of a strong fundamental factor such as the vaccine.”
Investors are selling the metal in anticipation of a vaccine to prevent the virus and a smooth transition to the US presidency.
By 1529 GMT, the spot price of gold was down 1.6% to $ 1781.96 an ounce.
This came after gold fell earlier to its lowest level since the sixth of July at $ 1773.10 an ounce.
The metal has lost about 4.7% since the beginning of this week, its biggest weekly loss since the week of March 13th.